Increasing automobile sales and favorable government policies are some key factors propelling the growth of Israel tire market.
According to TechSci Research report, “Israel Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2015- 2025”, Israel tire market is poised to witness a CAGR of around 3.80% by 2025 on account of expanding passenger car fleet size and rising construction activities. Furthermore, increasing automobile sales, expanding vehicle fleet and favourable government policies like low interest rates and continuing economic growth in the country are some other key factors driving the growth of Israel tire market. The high motorization rate of the country also plays an important role in the tire market growth. Apart from that, Israel tire market is entirely import driven with import of vehicles from United States, South Korea, and France. The country is also witnessing rise in penetration of Chinese tires as they come at affordable price and are easily accessible.
Additionally, Israel is now turning into a prominent hothouse for the automotive technology. After General motors opened its research center in the country, many leading OEMs such as Hyundai, Bosch, BMW and Lear have also opened their research centers in Israel thus paving the way for tire market growth. Moreover, the country’s increasing population and high per capita disposable income is also positively influencing the automotive industry and consequently creating demand for tires.
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Israel tire market is segmented based on vehicle type, demand category, radial vs bias and region. Based on vehicle type, the market can be categorized into passenger car, LCV, M&HCV, OTR, two-wheeler and three -wheeler. The country’s vehicle fleet is dominated by passenger cars, followed by the commercial vehicles. Consequently, the passenger car tire segment has a major share in the country’s tire market, and it is anticipated that the dominance of passenger car tire segment will continue in the coming years.
Based on demand category, Israel tire market is split into replacement and OEM. Among the two, the country’s tire market is driven by the replacement demand as there are no automobile production facilities in the country. Moreover, the replacement tire segment is forecast to hold 100% market share through 2025.
Leading market players in Israel tire market are Alliance Tire Company Ltd., Bridgestone Corporation, Giti Tire Pte. Ltd., Goodyear Tire & Rubber Company, Hankook Tire Co. Ltd., Michelin SCA, Pirelli & C. S.p.A., Shandong Hengfeng Rubber & Plastic Co., Ltd., Sumitomo Rubber Industries Ltd. and Toyo Tire & Rubber Co., Ltd. Among them, Alliance Tire is the only domestic tire manufacturing company in the country, with various major global tire players like Michelin, Toyo, Hankook, Bridgestone, etc., operating through the import route in Israel. Furthermore, key growth strategies being adopted by these tire manufacturers are product innovation, mergers & acquisitions, collaborations and partnerships.
“Radial tires acquired the largest market share in the Israel tire market in 2019 with a market share of 93.98%. These tires possess relatively flexible sidewalls and are more fuel efficient when compared with their counterpart bias. Hence they are increasingly being used in passenger cars and other light commercial vehicles. Israel tire market is also witnessing growth due to the increasing investments in infrastructural development which is creating high demand for commercial vehicles in the country.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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